Difference between Elastic and Inelastic Demand?

Answer

The difference between elastic and inelastic demand is how necessary an item is in a person's life. In economics, elastic demand refers to items that consumers buy when they have extra money. Inelastic demand refers to an unchanging demand for a product, no matter what economic conditions exist, like purchases of bread. Elastic demand covers the extras in our budgets, the treats like cheesecake.
Q&A Related to "Difference between Elastic and Inelastic Demand..."
Elastic demand is essentially when something it a luxury, hence it can become less when price increases eg. that last piece of choc cake that you would normally buy, you decide not
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Elastic demand is a type of demand that
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In economics, elastic demand means that the quantity demanded changes a lot when price changes while inelastic demand means quantity demanded doesn't change.
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You can think of it like a rubber band: more elastic means it moves more. Elastic demand is more likely to be affected by circumstances. For example, demand for many luxury items
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The difference between elastic and inelastic demand rests in the product itself. A product with elastic demand is a product that consumers will increase their ...
Elasticity is a physical property in which a material returns to its original shape after being deformed or stretched. Rubber bands are a great common example ...
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